Longboard Pharmaceuticals initiated with a Buy at JonesResearch

JonesResearch initiated coverage of Longboard Pharmaceuticals with a Buy rating and $16 price target. Lead asset LP352 is in development for the treatment of Dravet syndrome, Lennox-Gastaut syndrome, and other developmental and epileptic encephalopathy, or DEE, syndromes and the company is currently conducting its Phase 1b/2a PACIFIC trial designed as a basket study enrolling patients diagnosed with several DEE syndromes, the analyst noted. The firm is "bullish" on Longboard based on its "highly encouraging" anti-seizure effects shown to date in preclinical and clinical studies and believes an increasing number of individual DEE syndromes "may provide multiple blockbuster opportunities" for LP352.